Yen rallies against U.S. dollar, other currencies

LONDON (MarketWatch) -- The yen was the standout currency on Tuesday, rallying against both the U.S. dollar and the euro. The dollar fell to 114.67 yen from 115.36 yen, and the euro fell to 152.76 yen from 153.85 yen. "While still bearish on the yen for now, there is clearly still potential for further unwinding of long U.S. dollar positions should investors grow increasingly jittery on U.S. dollar prospects. While we are not expecting the Bank of Japan to raise interest rates in December, volatility has been heading upwards over the past week or so," said Martin McMahon, a currency analyst for Credit Suisse, in a note to clients.

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